Southern Lakes property rentals most expensive in NZ
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Central Otago Lakes District is the most expensive place to rent in New Zealand, by more than $200, reveals the latest data from realestate.co.nz.
The region’s average rental price hit an all-time high of $891 per week in December 2025, 11.8% more than in December 2024, making the region over $200 more expensive to rent than anywhere else in the country, including Auckland. The national average rental price in December 2025 was $626/week.
Central North Island recorded the next highest increase in average weekly rental prices, up 6.2% year-on-year to $597.
However, renters elsewhere around the country had something of a reprieve. The national average rental price fell 2.4% year-on-year to $626 in December 2025. Regionally, 13 of the 19 regions saw average asking prices decline compared to December 2024, with rents dropping the most in:
- Coromandel, down 41.0% to $539/week
- Wellington, down 8.4% to $663/week
- Hawke’s Bay, down 7.5% to $614/week
Vanessa Williams, spokesperson for realestate.co.nz says, New Zealand’s rental landscape is starting to show a clearer split between premium lifestyle markets and the rest of the country.
“Central Otago/Lakes District continues to sit in a league of its own, driven by strong demand and a limited pool of rentals which is pushing prices to record highs. We’ve seen this week that first-home buyers made up 19% of all property purchases in Queenstown last year. When weekly rental prices start closing in on mortgage repayments, it’s no surprise that renters are making the leap into home ownership and our data shows that shift is well underway.”
Is there respite for renters in 2026?
The rental market continues to be awash with properties with the number of new rental listings increasing 19.8% in December 2025 to 5,349, compared to 4,464 in December 2024.
Wairarapa saw the biggest increase year-on-year, with new listings up 142.9% to 51. Nelson & Bays followed with new listings up 92.6% to 52 and Hawke’s Bay, up 88.5% with 98 new listings in December 2025, compared to December 2024.
Williams says the lift in new rental listings gives renters more choice and potentially more negotiating power in the year ahead.
“A nearly 20 percent increase in new listings certainly provides more choice for renters, and in some regions, like Wairarapa and Hawke’s Bay, that choice has doubled. With stock building and competition among landlords rising, renters will continue to find themselves in a stronger position to negotiate on price or lease terms in 2026.”
Strong stock levels give renters breathing room
Stock levels have increased significantly in parts of the motu as well. Total stock (7,577) was 15.9% more than in December 2024. Hawke’s Bay recorded a 151.2% increase in stock in December 2025 with 108 properties available for rent.
Wellington’s stock levels are also up, with a 91.5% year-on-year increase to 925 properties. Wairarapa, Nelson & Bays, and Gisborne all reported year-on-year increases over 80%, with 82.9% (75 properties), 88.5% (49 properties), and 82.8% (53 properties) respectively.
Williams says the data shows the country is entering 2026 with a rental market that looks very different depending on where you live.
“The continual abundance of rental stock is giving renters breathing room but places like Central Otago/Lakes District remind us that lifestyle markets operate differently. The big question for 2026 is whether the rental supply nationally translates into lasting affordability or whether the regional rental divide grows.”
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